MoneyTap is an instant loan service provider in India. The company is renowned for providing its customers with a personal line of credit that can be used for emergency needs. One of the notable features of MoneyTap is that it saves customers from the complicated documentation process required for getting personal loans. Moreover, borrowers don’t have to provide any collateral while applying for a loan. You may download the mobile application and keep track of all your borrowings.
The interest rates and fees applicable to the instant loans offered by MoneyTap are given as follows:
|Interest rate||15% to 18% p.a.|
|Processing fee||2% + Service Tax|
|Maximum tenure||3 years|
|Annual line-up setup fee||Rs.499 + Service Tax|
|Late payment fee||15% of the due amount|
Life is full of uncertainties. You may never know when you will need cash during an emergency. Salaried professionals are often affected during these situations as most of the middle-class professionals in India don’t have any income other than their monthly salary. Instant loans are developed to provide short-term credit to working professionals to take care of their emergency situations. You may use the instant loan credit offered by MoneyTap for any of the following needs:
The money you get from your MoneyTap loan is not just limited to the expenses listed here. You may use it to take care of any kind of expense during an emergency.
Applying for a loan on MoneyTap is not only simple, but also quick. Given below are the steps to follow to apply for a loan via the MoneyTap app:
Step 1 – Download the app
The first thing to do is to go to the Google PlayStore and install the MoneyTap app, free of charge. Once you have the app installed, you will be required to provide some details about yourself. Using these details, the app will process your eligibility and let you know, whether or not, you qualify for a loan from MoneyTap. If you are eligible, the app will also tell you the credit limit you may avail.
Step 2 – Complete your KYC
If you have qualified for a loan, the next step of the process will involve completing the loan-related KYC formalities. To do this, a MoneyTap agent will visit you, on behalf of the partner bank, to take the necessary documents for processing.
Step 3 – Receive the funds
Once your KYC formalities are completed and your loan approved, you will get your MoneyTap Card with the sanctioned amount of funds. This card not only acts as a credit card but can also be used to withdraw funds from your MoneyTap account. There is no restriction on the end use of the funds that you avail. Interest shall only be levied on the funds that you use, not the entire loan amount. Repayment can be done in flexible EMIs.
To apply for a loan via MoneyTap, customers must adhere to the following eligibility criteria:
The instant loans offered by MoneyTap require very minimal documentation. Keeping in line with the bank’s requirements, customers will be required to furnish the following documents while applying for a loan via MoneyTap:
Some of the key features and benefits of MoneyTap Loans are listed as follows:
You can borrow as little as Rs.3,000 through the MoneyTap app. The company will set your credit limit based on various factors. You can use any amount you want and get access to instant cash.
Yes. You can download the app and provide your details to get approved for loans. Once you are approved, you can use the funds anytime you wish. The company will charge interest only for the amount you use.
No. The company does not impose any such restrictions. You can use the loan amount for any financial needs.
Based on the loan amount, a bill is generated every month for your EMI amount. You may choose to pay this amount through cheque or through online modes. You can visit the company website to make the payment or you can pay through the app. It is also possible to set up auto debit facility for long-term loans.
The company considers various factors before approving an individual for credit facility. This is decided based on the details you provide. Some of the factors considered for this include monthly income, credit history, your profile, etc. The lender may decide to increase or decrease your credit facility based on these factors.
If you don’t pay your EMI before the due date, the company will report this default to credit bureaus. This will negatively affect your credit score. The company will also impose 15% late fees on the outstanding amount. This may range from Rs.350 to Rs.1,000. If the overdues are not paid even after multiple remainders, recovery proceedings will be initiated by the company.
No. The lender does not provide any relief for missing EMI payments. Make sure that you don’t miss the payments to avoid any penalties and additional charges.
At the moment, the company does not offer this facility. It is necessary to have the repayment amount ready before the due date. If you have signed up for the auto debit facility, you need to make sure that you have enough balance in your account before the due date.